Nigeria’s inflation rate rose not less than 67 times since June 2014, according to findings by The PUNCH.
The suspended CBN boss added that the rate was having an expected impact on credit, adding that although the MPC was not excited that credit was dropping, it was necessary to reduce inflation.
At the last Monetary Policy Committee meeting in May, the suspended CBN Governor, admitted that the MPC saw the continued rise in inflation as still “the biggest challenge confronting macroeconomic stability in Nigeria”. According to the lending bank, inflation is currently pushing many Nigerians into poverty and food insecurity.
“Inflation chips away at purchasing power leads to inventory stockpiles, undermines growth, and creates a lot of economic uncertainties. Taming it, however, should not be done at the expense of growth and the most vulnerable sectors.”
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